Family Bank has today entered into plea bargaining agreement with the Director of public prosecution where they pleaded guilty to 6 counts relating to failure to report suspicious transactions in NYS 1 cases & were fined total of sh 64.5 million.
The Court accepted the agreement, convicted and gave the sentence of the sh 64.5 million, sh 24.5 million of which will be restituted back to NYS.
The Director of public prosecution insisted that failure to honor the plea barging agreement will result in attachment of Family Bank properties.
The Bank was on the spot after the DPP probed over some of the top managers back in 2015 after the NYS loot.
Earlier investigations had indicated that the Sh791 million was first transferred to a Family Bank account held by a supplies company — Form Home Builders — from where it was then re-distributed to 20 accounts in different banks.
Last year in November, the Central Bank of Kenya (CBK) announced a Ksh392.5 million fine for banks that handled the NYS loot.
Among the banks affected by the move included Standard Chartered Bank, Equity Bank, KCB Bank, Co-operative Bank and Diamond Trust Bank Kenya.
In a statement, CBK said the move is set to streamline the banking sector in Kenya, in relation to handling stolen money.
The Court accepted the agreement, convicted and gave the sentence of the sh 64.5 million, sh 24.5 million of which will be restituted back to NYS. Failure to honor the plea barging agreement will result in attachment of Family Bank properties.
— ODPP_KE (@ODPP_KE) January 22, 2019